[Peter Brandt Predicts Bitcoin May Bottom Out at $60,000] On November 4, trader Peter Brandt predicted, based on the power-law model chart from JDK Analysis, that Bitcoin might bottom out at $60,000. Cointelegraph's analysis shows that the BTC weekly chart confirms a descending wedge pattern, with the price losing support at the $114,550 trendline. Bulls are striving to keep the price above the 50-week Simple Moving Average (SMA), which is currently at $103,300. Key support levels include the psychological threshold of $100,000 and the 100-week moving average at $82,000. If the weekly closing price falls below this range, Bitcoin may drop toward the wedge target price of $72,000, representing a 30% decline from the current price.